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RFK Jr. Wants To Cut Red Tape in Kidney Care. He Should Go Further.

22 October 2026 at 16:40
Health and Human Services Secretary Robert F. Kennedy Jr. and a graphic of a kidney | Illustration: BONNIE CASH/UPI/Newscom/Peakstock/Envato

Like most of American healthcare, kidney care has for decades been plagued by red tape. The Trump administration says it wants to change that. On Tuesday, Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. announced his department's Kidney Care National Plan, which promises to introduce more competition, reduce regulatory barriers, expand patient choice, and overhaul America's kidney transplant system.

Much of the plan focuses on barriers to entry in dialysis care, which treats nearly 558,000 Americans. While dialysis can be performed at home, most patients receive treatment at specialized facilities, which must comply with federal certification requirements governing equipment, staffing, water quality, and patient safety in order to participate in Medicare.

Kennedy argues that regulatory barriers have discouraged competition and innovation, leaving patients with fewer dialysis treatment options. "Dialysis technology is an extraordinary technology," said Kennedy at the press conference, but "because of monopolies in the system and the barriers to new entrants, we have not seen any real improvements in that technology."

Of course, the existence of large or even monopolistic companies is not in itself evidence of a problem, but government regulation can often entrench those companies' positions in the market. "I like the fact that they're recognizing that a lot of regulatory…barriers are contributing to the problem, and that's refreshing to hear," says Jeffrey Singer, a practicing general surgeon and senior fellow at Reason Foundation, the nonprofit that publishes Reason. Singer says that removing barriers that prevent new companies from competing with established providers could not only increase choice but also drive down prices.

HHS says that two companies, DaVita and Fresenius Medical Care, control approximately 74 percent of the American dialysis market. As of 2019, roughly a third of Americans lived in areas where the only available dialysis provider was one of those two companies, according to the agency. The administration argues that government regulation has helped entrench this dominance by making it difficult for new providers to enter the market.

To address this, the Kidney Care National Plan suggests a number of reforms, including simplifying certification requirements. HHS also plans to investigate whether dominant dialysis providers have used payment arrangements and legal strategies to secure higher reimbursements without delivering better care.

The 17-page report calls for a review of existing requirements, but it does not specify which regulations will be repealed, nor does it establish a timeline for doing so. It also does not propose any significant reduction in the government's role in financing the distorted market. Instead, the plan largely seeks to make existing government-financed systems such as Medicare more competitive and efficient.

Kennedy has also correctly identified the need for reform regarding kidney donations. Nearly 90,000 people are waiting for a kidney transplant at any given time in America, and 11 people die every day waiting for a kidney. The transplant process is currently managed by Organ Procurement Organizations (OPOs), which are federally certified nonprofits responsible for recovering organs from donors and coordinating their transfer. There are currently just 55 federally designated OPOs operating in the United States, and HHS argues that they behave as "regional monopolies." Since no new OPOs have been approved in the last year, the Kidney Care National Plan suggests fast-tracking certification.

The plan also seeks to make living kidney donation easier by reducing financial barriers. Following the passage of the Honor Our Living Donors Act in February, HHS revised federal reimbursement rules so that a donor's eligibility for financial assistance is no longer determined by the transplant recipient's income. Eligible donors can receive up to $6,000 to cover expenses, including travel, lost wages, and childcare.

However, the reforms proposed stop short of allowing kidney donors to receive direct compensation for the organs themselves, which remains prohibited under federal law. "I can sell my blood. Why can't I sell my kidney?" Singer asks.

Peter Jaworski, director of the Georgetown Blood and Plasma Research Group, feels similarly, arguing that financial incentives are available to nearly everyone involved in kidney transplantation except the donors themselves. "According to this plan, it's OK to use incentives to encourage them to be more productive, to actually do a better job," Jaworski tells Reason, referring to transplant surgeons, hospitals, and organ procurement organizations. "The only exception, once again, is the donor who is offering a kidney."

Better solutions exist, according to Jaworski, who points to the proposed End Kidney Deaths Act. The bill, which was introduced by Rep. Nicole Malliotakis (R–N.Y.) last year, would offer living kidney donors a $50,000 refundable tax credit, distributed over five years. "We have those systems in order to make sure that we can treat patients. That's the point of blood donation. That's the point of plasma donation. That's the point of kidney donation too."

America's plasma market is an excellent example of financial incentives encouraging donation. Unlike many other countries, the U.S. allows plasma donors to be compensated, and despite accounting for just over 4 percent of the world's population, it supplies approximately 68 percent of the plasma collected globally for manufacturing medicines.

"Why do you think America does it? Is it because in America there's way more altruism than in France or Italy or Belgium? No, it's because in the United States you can be paid to donate plasma," argues Jaworski.

The Trump administration appears to recognize that government overreach has stifled competition and restricted patient choice. It also recognizes that living adults donating kidneys will be part of the solution to the long, deadly waiting lists. But its plan leaves the government's outsize role in kidney care largely untouched. For patients facing years on dialysis or waiting for a lifesaving transplant, recognizing the problem is not enough.

The post RFK Jr. Wants To Cut Red Tape in Kidney Care. He Should Go Further. appeared first on Reason Magazine.

The Algarve Wine Society heads inland

22 October 2026 at 16:32
Rui Virginia, owner and winemaker at Barranco Longo.

The traditional Paraíso do Algarve restaurant, in the heart of the countryside near Paderne, was the venue for the recent tasting and lunch enjoyed by members of the Algarve Wine

The post The Algarve Wine Society heads inland appeared first on Portugal Resident.

Would a new president end Russia’s war on Ukraine?

22 October 2026 at 16:30
Professor David A. Super argues that President Trump's reversal of U.S. policy toward Ukraine and his demand for new elections violate the Ukrainian Constitution and ignore the reality of Russia's existential threat to the nation.

Would a new president end Russia’s war on Ukraine?

22 October 2026 at 16:30
Professor David A. Super argues that President Trump's reversal of U.S. policy toward Ukraine and his demand for new elections violate the Ukrainian Constitution and ignore the reality of Russia's existential threat to the nation.

Just hours after being bombed, we asked people in Kyiv about Witkoff's praise of Putin

22 October 2026 at 16:20

On Oct. 21, U.S. Special Envoy Steve Witkoff gushingly praised Russian President Vladimir Putin for being a "humanitarian."

Just a few hours later, Kyiv once again came under a fresh barrage of devastating Russian missiles, killing at least one person and injuring over 20.

"We thought

Atual e ex-autarca de Valongo condenados a perda de mandato por abuso de poder

By: Lusa
22 October 2026 at 16:07

O atual e o ex-presidente da Câmara de Valongo, Paulo Esteves Ferreira e José Manuel Ribeiro, foram esta quinta-feira condenados por abuso de poder à perda de mandato por limitarem a circulação de camiões na estrada de acesso ao aterro de Sobrado em 2020.

O Tribunal de Valongo condenou ainda os dois autarcas, eleitos pelo PS, ao pagamento de 100 dias de multa, a 30 euros cada dia, e ao pagamento “de forma solidária” de 61 mil euros.

No final da leitura da sentença, que decorreu ao início da tarde desta quinta-feira, e na qual o tribunal julgou como procedente os factos constantes na acusação, os autarcas afirmaram estar “chocados” e garantiram que vão recorrer para as instâncias superiores.

Segundo a acusação do Ministério Público (MP), Paulo Esteves Ferreira e José Manuel Ribeiro ordenaram em 2020 a proibição de circulação na Estrada Municipal 606 (EM606) de camiões até ao aterro de Sobrado para levar ao seu encerramento.

As empresas responsáveis pela exploração do aterro instalado naquele concelho, a Retria e a Recivalongo, falam em prejuízos superiores a 1,5 milhões de euros, causados durante os três meses em que a medida esteve em vigor.

Para a acusação, os arguidos sabiam que a EM606 “era a única via para aceder às instalações das sociedades ofendidas” e que a atividade destas “dependia na quase totalidade das matérias transportadas” pelos camiões.

De acordo com o MP, os arguidos, ao imporem a proibição, fizeram-no “com o propósito concretizado de causar prejuízo às referidas sociedades, impedindo o exercício da sua atividade e para a qual estavam licenciadas”.

A acusação relata ainda que, desde 2019, a relação entre o município e as empresas que exploram o aterro foi marcada por conflitualidade.

Russian missiles pound Kyiv as Moscow says over 800 Ukrainian drones downed

Russia bombarded Kyiv with ballistic missiles in an hourslong nighttime barrage, while the Russian military said Thursday that its air defenses intercepted over 800 drones fired by Ukraine at Moscow and other cities.

Russian Army Clears More Areas South of Dobropolye

21 October 2026 at 22:26

Click to see full-size image. (Russian Ministry of Defense)

In the Dobropolye direction, clearing operations continue in the urban area, with Russian forces holding the southern part of the city and repelling attempts by Ukrainian units to relieve their grouping. In the Slavyansk direction, the 25th Army has regained control of Ozernoye and is developing an advance towards Krasny Liman. In the Zaporozhye direction, Russian troops have taken Yulyevka and Chervony Yar, expanding the zone of control north of Orekhov. In the Sumy region, assault groups of the “North” grouping have advanced near Khoten and Velikaya Rybitsa. In the Kharkiv direction, the clearance of the Reznikovsky cauldron is nearing completion. European Union leaders at an extraordinary summit on 26–27 November will attempt to agree ways of covering Ukraine’s funding shortfall for 2027, estimated at €70 billion, and will also discuss the EU’s multiannual budget for 2028–2034.

Dobropolye direction

Clearing of the urban territory continues in Dobropolye. The southern part of the city is already under stable Russian control, although scattered Ukrainian groups are still encountered there. Ukrainian units launched a counter-attack in an attempt to relieve their grouping and cut off the salient towards Belozerskoye, operating in the areas of Novovodyanoye and Zolotoy Kolodez.

In the Zolotoy Kolodez area, Russian troops are advancing on both flanks of the settlement. On the Dobropolye front, Russian forces are expanding the zone of control around Sergeyevka. Systematic clearing of the city continues in Dobropolye. Fighting is under way on the approaches to Belozerskoye and in the Zolotoy Kolodez area.

Russian troops are increasing pressure on Belozerskoye, bypassing the town on the flanks. Units have reached the outskirts and taken up positions in the southern built-up area and adjacent forest belts. Belozerskoye lies only a few kilometers from Dobropolye. Consolidation here could open a route via Novodonetskoye and Stepanovka towards Aleksandrovka.

Territories south of Dobropolye have been cleared of Ukrainian units. Russian fighters have taken Zolotoy Kolodez in a pincer movement and continue clearance operations. Reports from the ground indicate an improvement in the forward edge and strikes against positions in the areas of Zavidovo-Kudashevo, Krivorozhye, Starorayskoye and other settlements.

Slavyansk direction

Russian units in the north have gone over to counter-attacks and have retaken Ozernoye. This eases the position of the 3rd Army in the Raygorodok area, allowing it to concentrate more strongly on Nikolayevka. Strikes from the Orekhovatka area towards Raygorodok have been repelled. The Volunteer Corps holds Nikanorovka, Malinovka and Vasyutinskoye.

Russian troops near Krasny Liman are attempting to disrupt logistics and are advancing from the areas of Zarechnoye, Torskoye and Yampol. The Ozernoye area has been cleared. If Dibrova can be regained, the southern approaches to Krasny Liman will be cleared, creating the possibility of linking up with units holding positions in the town.

In the Konstantinovka sector, intense positional fighting continues in the areas of Rayskoye and Alekseyevo-Druzhkovka. Russian units are seeking to drive Ukrainian forces out of Klinovoye and Verolyubovka in order to secure the eastern flank for a future envelopment of Druzhkovka.

Zaporozhye direction

The Russian Ministry of Defence has reported that the village of Yulyevka has come under control. Nearby, Chervony Yar has also been taken adjacent to Timoshovka, which was captured the day before. The “East” grouping is expanding the zone of control north of Orekhov.

Fighting continues unabated in Orekhov itself. Judging by the pattern of operations, the Russian command is seeking to envelop the grouping center in Shirokoye, where Ukrainian forces have established a strong defensive line. Fighting continues in the northern part of Ternovatoye. Most of the settlement remains under Russian control. Earlier, Russian units took Zaporozhskoye and are gradually reducing the salient.

In the areas of Lyubitskoye and Novosoloshino, Russian troops have gone over to counter-attacks. Fighting in Vozdvizhevka has largely ended and Ukrainian units have been driven out. Battles have begun for Rozhdestvenskoye. Further south, the advance continues from the captured Chervony Yar. Assault groups are operating on the outskirts of the villages of Mirovka and Obshcheye. Thus, in the Zaporozhye direction, Russian units are systematically expanding bridgeheads, pushing Ukrainian forces out of key strongpoints and disrupting their logistics.

Sumy direction

Heavy positional fighting continues in Sumy direction. Russian aviation, drone teams and artillery are increasing the intensity of strikes against Ukrainian positions. Ukrainian units have concentrated on strengthening their defensive lines.

In the Sumy border area, positional fighting continues on the main lines. Fierce clashes are under way in the Yunakovka area; Ukrainian units are attempting to insert small groups but without success. Russian assault troops have advanced in the areas of Khoten and Velikaya Rybitsa overall progress amounting to up to 300 meters.

In the Sumy district, Russian assault troops have advanced near Khoten and Velikaya Rybitsa. Overall progress amounted to up to 300 meters. In the Shostka district, heavy positional fighting continues near Korenek. In the Krasnopolye district, assault groups of the “Northerners” are advancing near Turya. Russian units continue methodically to press the Ukrainian defenses, exploiting their advantage in artillery and drones.

Kharkiv direction

Assault units of the “North” grouping are developing their success in the area of the former “Volchansk cauldron”. The Ukrainian side has stepped up its information activity and is widely disseminating inaccurate claims about alleged control over lost settlements.

North of Bolshoy Burluk, clearance of the so-called Reznikovsky cauldron continues. According to official data, the main settlements have been cleared. The territory is extensive, almost 400–500 square kilometers. Isolated positions will continue to be cleared for some weeks yet. Ukrainian units, relying on Maly Burluk and Prikolotnoye, are attempting to reach the Plotva River in the area of Vasilyevka, Blagodatnoye, Nefyodovka and Chyornoye.

In the Lipetsk direction, Russian troops have advanced on three sectors south of Novaya Kazachya and Tokarevka. Overall progress amounted to 250 meters. In the Volchansk and Veliky Burluk directions, assault groups of the “Northerners” continue to advance southwards. There have been successes in the areas of Prikolotnoye, Maly Burluk and Kolodeznoye. Over the past day overall progress amounted to up to 500 meters.

Conclusion

In the Dobropolye direction, Russian forces are consolidating in the southern part of the city and enveloping Belozerskoye. In the Slavyansk direction, the 25th Army has gone over to the counter-offensive, recovering lost positions and creating a threat to Ukrainian logistics in the Krasny Liman area. In the Zaporozhye direction, the capture of Yulyevka and Chervony Yar has enabled the expansion of bridgeheads and continued pressure on Orekhov. In Sumy region, positional fighting continues with gradual advances by Russian assault groups. In the Kharkiv direction, the clearance of a large cauldron is nearing completion, freeing forces for further offensive operations. The overall trend remains the use by Russian units of small-group tactics that combine assault actions with strikes by artillery, aviation and drones, allowing them methodically to disrupt Ukrainian logistics and expand the zone of control.

European Union leaders at the extraordinary summit on 26–27 November will attempt to agree ways of covering Ukraine’s funding shortfall for 2027, estimated at €70 billion. The EU has already earmarked €45 billion for Ukraine in 2027, yet Kyiv’s financial needs substantially exceed this amount. Even taking into account the planned European funding, Ukraine’s additional requirement is assessed at approximately €70 billion.

Initially, Brussels had expected Norway, Switzerland, Canada, Japan and the United Kingdom jointly to provide a further €45 billion over 2026–2027. Not all the promised funds have been allocated, however. As a result, EU member states will have to agree to additional financing mechanisms for Kyiv, including the possibility of a new loan. At the same time, European leaders continue to negotiate the Union’s seven-year budget for 2028–2034. Brussels aims to conclude the talks by the end of the current year, since electoral campaigns due in a number of EU states in 2027 could further complicate the achievement of a compromise.

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El documental que tiene en shock a EEUU: puntuación de 4,8 sobre 5 y críticas extraordinarias para el fraude de Elizabeth Holmes

22 October 2026 at 15:30

Las reacciones entusiastas ante una película suelen ser especialmente efusivas cuando acaba de estrenarse. En ocasiones, demasiado. Y si no, que se lo digan a cualquier obra de Christopher Nolan, que, sin demasiados problemas, suele alzarse como la mejor de la historia en lugares como IMDb, conocida por las desorbitadas puntuaciones (buenas y malas) que reciben algunas películas.

Los usuarios de la base de datos coronan a Cadena perpetua como la mejor película de la historia, con un 9,3, seguida muy de cerca por El padrino, con un 9,2, y El caballero oscuro, con un 9,1. Por encima de todas ellas se sitúa, eso sí, con apenas 8.200 votos por ahora, una cinta que acaba de llegar a los cines estadounidenses y que, con una puntuación de 9,4, se perfila como una de las grandes sorpresas del año.

You Can See Everything (Puedes verlo todo) acaba de aterrizar y lo ha hecho con un 99% de críticas positivas en portales como Rotten Tomatoes. Estrenada el pasado 16 de octubre al otro lado del charco, la película no ha necesitado mucho tiempo para desatar un furor que ha corrido como la pólvora. En Letterboxd, la red social para cinéfilos, ha escalado hasta la primera posición de la lista de películas mejor valoradas llegando a obtener un suntuoso 4,8 sobre 5 a partir de 144.673 votaciones.

Así, sin despeinarse, ha adelantado al cineasta Masaki Kobayashi, que acumula hasta tres títulos entre las diez primeras posiciones, y cuyo clásico Harakiri ocupaba el primer puesto hasta ahora. ¿El responsable de este fenómeno? Nathan Fielder (Los ensayos), actor, guionista y director que ha unido fuerzas con Lance Oppenheim (Primetime) para alumbrar un peculiar documental centrado en la controvertida figura de Elizabeth Holmes.

¿Quién es Elizabeth Holmes y por qué es tan interesante un documental sobre ella?

El nombre de Holmes permanece ligado a uno de los mayores escándalos de la industria de la tecnología médica. Su aparentemente revolucionaria empresa, Theranos, prometía realizar diagnósticos médicos a partir de una pequeña muestra de sangre, obtenida sin necesidad de recurrir a las tradicionales extracciones. Sin embargo, aquella visión del futuro acabó revelándose como un fraude monumental.

John Carreyrou, reportero de The Wall Street Journal, destapó que la tecnología de la compañía no era tan fiable como prometía y que podía llegar a ofrecer resultados erróneos a los pacientes. Su investigación desencadenó una cadena de acontecimientos que culminó con el cierre de Theranos en septiembre de 2018 y la condena de Holmes, en mayo de 2023, a 11 años y tres meses de prisión por defraudar a los inversores.

Tres años de rodaje y casi tres horas de documental

Apenas unas semanas antes de que tuviera que ingresar en prisión, Fielder comenzó a visitar a Holmes en su casa, donde vivía con su marido, Billy Evans, y sus dos hijos. Allí le planteó una entrevista que se prolongó durante varios días. El proceso completo de rodaje del documental abarcó tres años y dio lugar a una película de 174 minutos. Casi tres horas que no parecen hacerse largas, a juzgar por la entusiasta acogida que está recibiendo este trabajo.

A24 presentó hace tres semanas el tráiler final de esta intrigante propuesta, que permanece rodeada de secretismo. Las primeras imágenes muestran un relato aparentemente cotidiano en el que vemos a la protagonista responder a las preguntas del director, que quiere saber si se siente cómoda ante la posibilidad de que descubra aspectos comprometedores de su vida.

Poco a poco, el avance se adentra en un terreno cada vez más inquietante, con los códigos propios de un thriller psicológico, hasta culminar con una confesión de la propia Holmes: "Me ha llevado mucho tiempo permitir que alguien me vea llorar". Una frase que viene acompañada de una lágrima cuya espontaneidad queda en el aire: ¿estamos ante una muestra de vulnerabilidad genuina o ante un gesto cuidadosamente calculado?

La película llegará a los cines españoles de la mano de Avalon el próximo 12 de febrero de 2027, casi cuatro meses después de su estreno en Estados Unidos. Un margen que quizá permita que se calmen los ánimos o, por el contrario, que la expectación siga creciendo en torno a uno de los estrenos que ya apuntan a convertirse en uno de los imprescindibles del próximo año.

El PP apoya el veto ideológico de Vox en las ayudas al cine de Castilla y León y defiende que busca proteger la “libertad”

22 October 2026 at 15:09

El portavoz de la Junta de Castilla y León, Carlos Fernández Carriedo (PP), ha respaldado al proyecto de su socio, Vox, de supeditar las ayudas a la creación audiovisual a que no haya contenido “ideológico”. Carriedo ha aludido a la “libertad y la calidad” para que los fondos autonómicos lleguen a los proyectos que lo soliciten y no ha explicado exactamente en qué criterios se apoyará el “comité” de funcionarios que según el consejero de Cultura, Alberto Díaz Pico, de Vox, evaluará si procede o no asignarles subvenciones. Este alto cargo también criticó al festival de cine Seminci de Valladolid, que este viernes inicia su 72 edición, porque “tiene mucho que mejorar en neutralidad ideológica”. El alcalde vallisoletano, Jesús Julio Carnero (PP), ha respondido con que el certamen “es un espacio de libertad” y ha negado que haya “cine ideologizado”, como proclama su socio en la Junta y en el Consistorio.

Seguir leyendo

© NACHO GALLEGO (EFE)

El portavoz de la Junta de Castilla y León, Carlos Fernández Carriedo, en una rueda de prensa este jueves.

Woody Allen toma el centro de Madrid: de Malasaña al Corral de la Morería, el Ritz y la Cuesta de Moyano

21 October 2026 at 23:05
La filmación de la nueva película del director neoyorquino llega a su ecuador con numerosas localizaciones por la ciudad Leer

La filmación de la nueva película del director neoyorquino llega a su ecuador con numerosas localizaciones por la ciudad

Les données commerciales permettent de comprendre pourquoi l’Ukraine a besoin de capitaux occidentaux et comment la Russie peut payer son effort de guerre

By: A A
22 October 2026 at 16:00

Cela fait un certain temps que je voulais écrire un article sur les destins de la Russie et de l’Ukraine depuis le début du conflit en 2014. Le fil conducteur est que l’Ukraine a drastiquement réduit ses échanges commerciaux avec la Russie, depuis 2014, sans jamais les compenser par une augmentation des échanges commerciaux avec l’Europe. Cela a eu comme conséquence involontaire que l’Europe a dû injecter des sommes importantes en Ukraine juste pour empêcher sa monnaie de s’effondrer alors que la guerre se poursuivait. Pendant ce temps, la Russie a diversifié ses échanges commerciaux avec les pays non-européens, de sorte que sa balance extérieure est aussi solide aujourd’hui qu’elle l’était en 2014, ce qui lui procure les liquidités dont elle a besoin pour soutenir l’effort de guerre.

Points importants :

  • L’Ukraine a exporté 24% de moins et importé 46% de plus en 2025 qu’en 2014. La guerre a fait grimper les importations alors que les exportations ne se sont jamais remises de la signature de l’ALECA et ont été entravées par l’effort de guerre.
  • Le déficit commercial béant que l’Ukraine a creusé depuis le début de la guerre a exercé une pression accrue sur les sponsors européens pour qu’ils fournissent le capital dont l’Ukraine a besoin pour empêcher l’effondrement de sa monnaie, en plus de fournir des fonds pour répondre à ses besoins budgétaires.
  • Ce défi de financement pour l’Europe persistera après la fin de la guerre, tant que l’Ukraine ne sera pas autosuffisante en stimulant ses exportations et/ou en attirant suffisamment d’investissements étrangers pour compenser ses déficits commerciaux.
  • La force des exportations russes et ses excédents commerciaux constants n’ont pas été affectés par la guerre. Après le début de la crise ukrainienne, la Russie a commencé à diversifier ses principales exportations d’énergie hors d’Europe, ce qui lui a permis de résister à la réduction progressive de ses exportations vers l’Europe. En effet, la Russie a tiré une énorme manne, en 2022, de la flambée des prix de l’énergie. Il n’y a aucune preuve que les sanctions aient eu un impact significatif sur le modèle d’exportation russe.
  • La Russie avait déjà commencé à réaccumuler des réserves de change après l’effondrement des prix du pétrole fin 2014, jusqu’avant le début de la guerre. Suite à l’immobilisation des 300 milliards de dollars de réserves russes en Europe, la Russie a commencé à accumuler des réserves en or, pour sanctionner les bénéfices futurs. La Russie dispose désormais de réserves liquides de plus de 420 milliards de dollars, ce qui signifie que l’immobilisation de ses réserves de devises étrangères n’est plus un facteur limitant sur le plan économique.

Analyse détaillée

Le modèle d’exportation de la Russie, dans lequel elle enregistre constamment d’importants excédents commerciaux, lui a permis de générer les réserves de devises étrangères et d’or qui ont sans aucun doute contribué à financer la guerre en Ukraine. Le déficit commercial de l’Ukraine s’est creusé depuis le début de la guerre, nécessitant des injections continues de capitaux européens pour empêcher l’effondrement de sa monnaie.

Cela aide à expliquer que la Russie puisse soutenir la guerre plus longtemps ; elle n’a pas besoin de contracter de nouvelles dettes importantes, sa dette restant faible, à 20%. L’Ukraine ne peut financer la guerre et maintenir ses comptes nationaux en équilibre qu’avec de l’argent européen qui ne peut être garanti à long terme et qui, de toute façon, a augmenté la dette ukrainienne de 20% du PIB en moyenne chaque année depuis le début de la guerre. Ce n’est pas durable.

L’Accord de libre-échange approfondi et complet de 2014 a désavantagé l’Ukraine car il forçait le pays à ne plus commercer avec la Russie.

Le point de départ est la signature par l’Ukraine d’un Accord de libre-échange approfondi et complet avec l’Europe, le 27 juin 2014.

Herman van Rompuy, alors président du Conseil européen, déclarait alors que « des liens politiques et économiques plus forts apporteront plus de stabilité et de prospérité à l’ensemble du continent européen ».

Au même moment, le président Porochenko déclarait « au cours des derniers mois, l’Ukraine a payé le prix le plus élevé possible pour réaliser son rêve européen ».

Car le véritable cout de cet accord a été supporté par l’Ukraine qui a vu ses exportations s’effondrer et ses importations augmenter, car elle avait fait le « choix souverain » de ne plus maintenir ses liens commerciaux avec la Russie.

Ce fut un choix catastrophiquement mauvais. La Russie représentait environ 25% des exportations ukrainiennes avant 2014 et ce chiffre était tombé à moins de 5% en 2021, avant le début de la guerre. L’Ukraine n’a pas comblé cet écart en augmentant le volume de ses exportations vers l’Europe, qui sont restées en grande partie inchangées.

De plus, le même schéma peut être observé en Géorgie, qui n’a également connu aucune augmentation réelle de ses exportations vers l’UE après la signature de l’ALECA. L’UE utilise un certain nombre de mécanismes de règlement des différends commerciaux et d’autres barrières non tarifaires pour bloquer la croissance des importations en provenance des pays partenaires de l’ALECA.

Ainsi, en encourageant l’Ukraine à commercer avec l’Europe et non avec la Russie, l’Europe a imposé une perte économique sèche à l’Ukraine qui avait pris la décision souveraine de renoncer à une relation commerciale auparavant rentable, pour poursuivre un objectif politique d’intégration à l’UE.

De plus, depuis le début de la guerre, les importations ukrainiennes ont augmenté, entraînant une augmentation progressive de son déficit commercial. Cette augmentation des importations a été causée par le fait que l’Ukraine achète des armes aux États-Unis en utilisant des fonds européens et nationaux empruntés. Ainsi, l’Ukraine emprunte de l’argent pour créer un déficit commercial qui doit être comblé par de nouveaux afflux de capitaux.

Entraînée dans un déficit commercial persistant et croissant par la guerre, l’Ukraine a besoin d’injections continues de fonds étrangers pour empêcher l’effondrement de sa monnaie.

Le graphique ci-dessous montre la croissance du déficit commercial de l’Ukraine avec la croissance correspondante des recettes classées comme « Revenu secondaire » dans sa balance des paiements trimestrielle. Ces entrées de capitaux classés comme « Revenus secondaires » sont des injections en provenance d’Europe (principalement) qui sont vitales pour renforcer les réserves de change de l’Ukraine et ainsi éviter une ruée sur la devise. Le point clé est que le financement étranger à l’Ukraine est plus qu’un simple événement fiscal. Il s’agit d’un mécanisme de soutien essentiel dans les circonstances où l’Ukraine est incapable d’attirer suffisamment d’investissements étrangers en temps de guerre.

La Russie n’a tout simplement pas été confrontée au même défi, choisissant plutôt de diversifier ses exportations vers d’autres pays alors que l’Europe fermait progressivement ses échanges commerciaux. Les sanctions n’ont pas entamé son commerce.

Le graphique ci-dessous illustre de manière élégante comment le commerce de la Russie a changé et évolué depuis. Les exportations russes ont connu des pics et des creux depuis 2014, bien que les creux aient souvent été causés par des événements mondiaux tels que les effondrements des prix du pétrole de 2014 et 2016 et le COVID.

Le déclenchement de la guerre en Ukraine a provoqué une énorme manne de revenus d’exportation car le prix du pétrole a bondi. Malgré l’imposition de milliers de sanctions par les pays occidentaux après le début de la guerre, les exportations russes sont restées très résistantes. Cela est dû à la diversification par la Russie de ses exportations vers les pays d’Asie.

En bref, malgré les nombreux gros titres dans les médias occidentaux traditionnels sur les sanctions « entravant l’économie de guerre de la Russie« , il n’y a aucune preuve substantielle que cela ait été le cas.

Le modèle d’exportation russe continue d’être une salle des machines qui lui fournit les liquidités dont elle a besoin pour financer la guerre sans contracter de nouvelles dettes importantes. Cela lui donne un avantage significatif sur l’Ukraine et ses soutiens européens dans cette « guerre d’usure« .

La Russie a accumulé des réserves depuis le début de la guerre pour compenser l’immobilisation de 300 milliards de dollars en devises par les pays occidentaux. La Russie investit désormais dans l’or pour protéger ses actifs.

Enfin, je commente depuis un certain temps que la Russie a entamé le processus d’accumulation de réserves de change en 2017 alors qu’elle modifiait sa politique monétaire pour adopter un rouble faible afin de maximiser les revenus en roubles tirés des exportations et qu’elle entreprenait un certain nombre d’achats en dollars via le ministère des Finances. Vous pouvez voir cette accumulation de réserves dans le graphique ci-dessous.

Après le début de la guerre, après l’importante manne de revenus tirés des exportations en 2022 et des chiffres commerciaux toujours solides par la suite, la Russie a continué à accumuler des réserves. Cependant, suite au gel de ses avoirs en devises, elle a plutôt choisi de stocker ses réserves en or, pour les protéger des sanctions.

Si la Russie souhaite évidemment récupérer ses avoirs immobilisés après la fin de la guerre (gros point d’interrogation), elle a néanmoins constitué un important coussin financier à hauteur de plus de 420 milliards de dollars de réserve en plus de celle qui reste gelée.

Ces importantes réserves contribuent sans aucun doute à garantir l’effort de guerre russe sans avoir besoin de gros emprunts. La dette de la Russie représente aujourd’hui environ 20% de son PIB.

En 2021, la dette de l’Ukraine s’élevait à environ 49% de son PIB. Aujourd’hui, elle représente environ 110% de son PIB.

Publié à l’origine par The Peacemonger.
Traduction:
Le Saker Francophone

Drones buzz overhead and enemy wi-fi everywhere: Ukrainian veterans describe how they survived in Russia’s ‘kill zone’ (Ukraine Battlefield update, Day 1,701)

22 October 2026 at 15:38
  • Soldiers told the New York Times how they survived six months in the kill zone.
  • Basic rules for survival.
  • Modern warfare: masses of equipment versus courageous individuals.
  • Following peace talks, the humanist Putin sent ballistic missiles to Ukraine.
  • Map of the day: the successful Operation Vivaldi.
  • Videos of the day: the underground Operation Veles into the Russian rear and an aerial drone duel.

Soldiers speak about their six months in the kill zone. When the 128th Mechanised Brigade asked at a training ground last autumn who was willing to go into the ‘kill zone’, the term used for the most dangerous stretches of the 1,200-km front, two soldiers volunteered.

And the rest visibly breathed a sigh of relief.

Hennadiy and Mykhailo, whose story was reported by the New York Times, spent a long six months “at zero” rather than one, and described in detail how they managed to survive on the front line in the Zaporizhzhia region.

Their account shows how, despite drone warfare, the basic work — holding or capturing new positions — is still done by infantry, which remains indispensable even in this war, where a technological advantage can mean the difference between life and death.

Both set out by car from the village of Prymorske and, when they were about 1.5 km from their destination, began a slow and extremely dangerous journey.

It was most dangerous when they had to move.

This article continues, but the full version is available only to EUobserver.com subscribers. Visit account.euobserver.com/membership

Ohio State disputes medical school admissions discrimination finding

22 October 2026 at 15:12
Ohio State University (OSU) is disputing allegations from the Department of Justice (DOJ) that it is discriminating in the admissions process for its medical school.   The DOJ sent a letter Wednesday to the OSU College of Medicine alleging the school intentionally discriminated against applicants on the basis of race, particularly Asian applicants, to the benefit of Black…

Ohio State disputes medical school admissions discrimination finding

22 October 2026 at 15:12
Ohio State University (OSU) is disputing allegations from the Department of Justice (DOJ) that it is discriminating in the admissions process for its medical school.   The DOJ sent a letter Wednesday to the OSU College of Medicine alleging the school intentionally discriminated against applicants on the basis of race, particularly Asian applicants, to the benefit of Black…

Europa ainda recupera da pandemia. “Vai ficar tudo bem” sorri ao Algarve e falha na Alemanha

22 October 2026 at 14:53

No Algarve reside a recuperação mais vistosa da economia em toda a Península Ibérica e, alargando a análise do Eurostat a todo o continente, mesmo a Oeste do antigo “Bloco de Leste”Hugo Amaral/ECO

As regiões europeias tem vindo a recuperar caminho do nível pré-pandemia. A nível europeu há um crescimento de 5,6% do Produto Interno Bruto (PIB) e, em Portugal, o Algarve destaca-se com a maior subida a oeste do “Bloco de Leste”. Contudo, em 2024 ainda havia 46 regiões onde a economia local estava aquém dos valores do último ano antes da pandemia, ou seja, face a 2019. Se o Alentejo deverá fazer soar o alarme em Lisboa, bem mais preocupante para a saúde da economia europeia é o crescimento anémico da quase totalidade do território alemão, com algumas zonas a registar mesmo uma contração.

Evolução do PIB nas regiões NUTS II entre 2019 e 2024, segundo os dados recolhidos pelo Eurostat

O impacto da pandemia de Covid-19 permanece como um tema na economia da União Europeia, com 20% das 244 regiões em que se divide o espaço comum ainda sem recuperar em 2024. A análise efetuada pela Comissão Europeia, apresentada nesta quinta-feira, revela que importantes regiões continuam aquém do fulgor verificado no último ano em que o mundo viveu sem a Covid-19 no seu vocabulário.

No Algarve reside a recuperação mais vistosa da Península Ibérica e da Europa a oeste do antigo “Bloco de Leste”. A economia algarvia apresenta uma melhoria do PIB de 11,3%, o dobro da média europeia.

No polo oposto, o Alentejo é a região portuguesa mais penalizada, apresentando-se em 2024 ainda 0,7% aquém do PIB do ano anterior à pandemia.

Também em destaque no mapa das NUTS II, mas pela positiva, estão Lisboa e o Norte, ambas com um crescimento de 9,9%, só batidas na Península Ibérica pela região da capital espanhola e pelo próprio Algarve.

No mapa ibérico, excetuando o dinamismo pós-pandémico do Algarve e da Comunidade de Madrid, nenhuma outra região acelera mais que o Norte português e LisboaRicardo Castelo/ECO

Entre 2019 e 2024, o Produto Interno Bruto (PIB) da UE cresceu 5,6%, mas na análise mais micro, o barulho dos motores económicos varia entre o rugido da aceleração para lá dos 30% a leste e a quebra de rendimento em 20% das regiões, com quatro delas a caírem a dois dígitos, dos Países Baixos e Grécia à Roménia e Bulgária – aqui, com o recorde de quebra do PIB em Yugoiztochen, onde o PIB de 2024 ainda estava 20,5% abaixo do verificado em 2024.

Quando se olha apenas os pontos onde a pandemia foi menos implacável para a economia, a região onde se inclui a capital romena, Bucareste-Ilfov, sobressai com 33% de crescimento económico entre 2019 e 2024. Logo depois, a ilha mediterrânica de Malta, com 32,9% de acréscimo no PIB, acima da região francesa de Maiote, ao largo de Moçambique.

A maior economia do continente apresentava em 2024 uma situação genericamente negativa no que concerne ao PIB das regiões NUTS II do país, segundo mostram agora os dados do Eurostat. EPA/ALESSANDRO CRINARIEPA/ALESSANDRO CRINARI

Motores europeus “engripados”

O potencial efeito da Covid-19 nos motores da economia europeia deixa o continente em alerta. O caso mais visível é o da maior economia do espaço comum, a Alemanha.

Ali, os exemplos mais significativos mostram três regiões com quebras da riqueza iguais ou superiores a 6% e quase todo o restante mapa pintado pelo Eurostat em tons de desânimo. Se a economia da região de Berlim cresceu 10,2% (abaixo do Algarve) e a de Estugarda 5,3% (abaixo da média europeia), as demais têm crescimentos anémicos (Darmstadt é o caso menos mau, com aumento da riqueza em 2,9%) ou estão mesmo em quebra. Friburgo, Colónia, Dusseldorf são apenas parte de uma dezena de regiões alemãs com perdas da riqueza num intervalo de 2% a 5%, no período entre 2019 e 2024.

Já no mapa continental gaulês, apenas Provença-Alpes-Côte d’Azur (7,3%), Languedoc-Roussillon (6%) e Bretanha (5,9%) superam a média europeia de 5,6%.

Quanto a Espanha, a Comunidade de Madrid teve o melhor desempenho económico de 2019 a 2024, com crescimento de 10,6%, abaixo do Algarve e acima da Galiza, Comunidade Valenciana, Região de Múrcia e Catalunha, todas aquém dos 8% de melhoria da economia.

Na ligação transfronteiriça, nota para a diferença na evolução entre o Norte português (9,9%) e a Galiza (7,5%), com o lado lusitano a superar o vizinho espanhol, cujo crescimento coincidiu com o do Centro de Portugal (7,6%).

O indicador apresentado pelo Eurostat é o crescimento do PIB, e não o valor absoluto deste, pelo que um aumento mais vigoroso não implica automaticamente uma economia mais pujante que o vizinho galego. Aliás, ainda segundo os dados do Eurostat, a Comunidade de Madrid, assim como a Catalunha, têm um PIB que supera toda a riqueza produzida anualmente em Portugal, acima dos 300 mil milhões de euros cada.

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